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The MAKING CHIPS Podcast for Manufacturing Leaders with Jason Zenger & Jim Carr

Welcome to MakingChips - We believe that manufacturing is challenging, but if you are connected to a community of leaders, you can elevate your skills, solve your problems and grow your business. Making Chips is a weekly podcast that will EQUIP and INSPIRE MANUFACTURING LEADERS to succeed in the challenging world of manufacturing. Our mission is for the METALWORKING NATION to Think Differently About Manufacturing In Order to Elevate their Game. Your hosts, Jason Zenger & Jim Carr, own manufacturing businesses and interview other leaders in the metalworking, machining, fabrication, tooling and machine tool industries. We have interviewed successful manufacturing CEOs you may have not heard of and also the biggest names in manufacturing like Titan Gilroy from Titans of CNC, John Saunders from NYC CNC, Mark Terryberry from Haas Automation and others from MakerCast, Sandvik Coromant, Autocrib and more. Think of us as your virtual community of manufacturing peers to help solve your toughest problems and grow your business. "Making Chips has provided a transparent approach to sharing within the manufacturing community and a modern platform to do so. Thank you both for taking the lead on moving our industry segment forward!" Patricia Miller - CEO & Visionary (Matrix IV) I really think what you guys are doing is a great, great thing for manufacturing. I have learned so much already from many of your episodes, and am so thrilled to have met people that get as revved up about manufacturing as I do! Cassandra Haupers – Vice President of Operations (Swiss Precision Machining) I love being able to experience what manufacturers are doing to promote culture and engage their team members and community. All of us are smarter than one of us. That is why I am part of the Making Chips tribe. Barry E. Walter, Jr. – Chief Operating Officer (Barry E. Walter, Sr. Co.) Finally, relevant manufacturing media that is actually entertaining! Dietmar Goellner – Chief Executive Officer (Advanced Machine & Engineering / Hennig) The more manufacturing companies we can get to think this way, the stronger our industry will be. Thank you for sharing! Jess Giudici – Manager, Talent and Culture I’m thankful to you for creating MakingChips for the Metalworking Nation so that Owners / Employees can strengthen their companies. Phil Sponsler – President (ORBITFORM) I love the podcast! It really serves to fill a void in the manufacturing world. I will admit I always feel a little more inspired. Jason Falk – Senior Application Engineer, CMTSE (HURCO) Thanks to all the great info on your podcasts and the website. Dave Lechleitner – Director of Solutions and Product Marketing (KEYEDIN) I really love what you guys are doing to advance the mfg industry in a way that really reaches the right audiences. Jeff Rizzie – Senior Manager-Business Development (Sandvik Coromant)
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The MAKING CHIPS Podcast for Manufacturing Leaders with Jason Zenger & Jim Carr
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Dec 17, 2019

Is it possible to recession-proof a business? With all the chatter in the economic world about the potential of a recession, how do you mitigate your losses? Are their things that you can do up-front that would help you survive a recession? Jim and Jason discuss the ‘dirty word’ in the industry and some steps you can consider implementing before—or when—a recession hits. 

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Why are so many NOT worried about a recession? 

Many young people in the industry who dove into the workforce after 2008 don’t understand what it means to be in a recession. They haven’t lived through one. Those who remember what it felt like hate to talk or think about it. Jim points out that despite the emotion surrounding the word, it needs to be brought back into the vocabulary. Just because you avoid something doesn’t mean it won’t still happen. Jason and Jim emphasize that if you are educated and prepared a recession won’t impact you as much as it could. So what do you do?

If a recession IS coming, what do you do?

Jim notes that every recession he’s lived through “looks and feels a little bit different than the one before.'' The unfortunate reality is that we don’t know when a recession will come, how bad it will be, or how long it will last. When Jason’s Dad, Steve, led his business through a recession—he stopped taking a paycheck for a chunk of time.

If you’re a business owner, you will have to take some hits. It’s inevitable.

Jason’s dad knew he had to protect his business and employees, so he stopped paying himself to get them through the economic downturn. One way to mitigate the harshness of this reality in your own life is to build up a nest-egg. Create a savings account in case of a recession that can see you, your family, and your business through to the other side. 

Labor is the #1 biggest cost in the manufacturing industry

If cutting your pay isn’t enough to mitigate the financial losses, you have to address the elephant in the room: you might have to let someone go. It’s not easy to do, but sometimes it has to be done. It comes with the territory of being a business owner. It may come down to, “Who can we afford to lose?”. 

Sometimes, there is a clear path. Steve Zenger had to ‘trim the fat’ in the last recession and fire a few people who were under-performing or unwilling to help them make it through the recession. If you’re not at the point where you need to make some layoffs, a tip to save some money is to reduce overtime. If you can’t afford to pay your team, you certainly can’t afford to pay time-and-a-half. 

Reduce your overhead costs and develop sales skills

Jason currently pays rent on three different locations for his business. He questions if a recession hits, could he consolidate locations to reduce overhead? Another option the guys point out is relocating the business somewhere with lower rent. 

During the last recession, Jason’s Dad took him out for lunch, and point-blank asked: “What are you going to do about this?”. Jason wasn’t going to sit back and cry. Instead, he developed a passion for sales. If business wasn’t finding him, he was going to do everything possible to bring it in. 

A recession is difficult to talk about, but Jim and Jason agree it’s stuff you need to know. A business owner must do everything they can to prepare. To hear the rest of their suggestions regarding surviving a recession, listen to the whole episode of MakingChips!

Here’s The Good Stuff!

  • Recession is a dirty word in the industry
  • The potential of the electric vehicle
  • Text CHIPS to 38470 to subscribe to the Boring Bar Newsletter!
  • America’s largest truck engine manufacturer is laying off 2,000 people
  • Mitigating the risks that come with a recession
  • When it comes down to reducing your labor force
  • Jim and Jason discuss ways to lower your overhead costs
  • Don’t get used to a lifestyle of expensive living
  • Consider outsourcing work that isn’t profitable

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